CEO of Snappt and President of Berlind Properties.
Some people still cringe when they hear “artificial intelligence” or “AI,” thinking it means job losses, software that’s difficult to use and a lack of personal touch. However, I believe AI implementation provides numerous benefits for property managers. As the CEO of a company that uses AI to detect application fraud, I’ve seen firsthand how cutting-edge technology can make life easier for both property managers and tenants.
From automating routine tasks to predicting market trends and personalizing tenant interactions, AI is reshaping the leasing landscape, offering property managers a chance to boost efficiency, reduce costs and elevate their services. Here’s how you can harness the power of AI to improve your business and your customer experience.
Enhance The Customer Experience
Incorporating AI into your leasing process doesn’t mean you have to lose a personal touch. In fact, AI can make it easier to communicate with your customers. Customizable chatbots can provide tenants and applicants with 24/7 support and answer frequently asked questions at the drop of a hat. And AI-driven virtual assistants can simplify leasing tasks like booking tours and signing contracts.
Don’t underestimate the power of a follow-up in the leasing world. Applicants are always shopping around for the best property, and if you can follow up before the competition, you’ll have an edge. Integrating an AI program to handle this is an easy way to ensure the task is completed promptly and efficiently.
Streamline Your Operations
As a whole, employees throughout multiple sectors see the benefits of AI: 81% believe that AI improves their overall performance at work, and 61% say they have a more productive workday thanks to the inclusion of AI programs. Property managers are no different. AI has been instrumental in streamlining its operational processes. Routine tasks such as document submission, payment processing and electronic communications can now be automated, reducing delays and human errors. This improved efficiency ensures all parties have a seamless and pleasant leasing experience.
Make Smarter Decisions
With the help of AI-driven data analysis, businesses can better understand market trends, customer behavior and leasing patterns. These programs can take large data sets and provide summaries and recommendations based on their findings—a task that would take a person weeks or months to complete!
Predictive analytics powered by AI takes decision making a step further. Property managers can now anticipate future trends, forecast demand and plan for potential challenges in advance. With this proactive approach, they can stay ahead of the competition and minimize risk at their property.
Verify And Vet Documents Faster
Security and trust are must-haves in the tenant screening process, and AI-enabled document verification and fraud detection can offer robust layers of protection against identity theft and financial fraud. Gone are the days when applicants could sneak their fake bank statements and pay stubs by your leasing team. AI algorithms can quickly and accurately verify identification and financial documents, reducing the odds of leasing to unqualified or dishonest tenants.
Predictive Maintenance
Maintenance is often a pain point for both tenants and property managers. Tenants have high expectations for fast resolutions to problems, and property managers constantly juggle multiple units, contractors and repairs. It’s easy for things to get lost in the chaos.
This is why predictive maintenance is a game-changer, turning the daunting task of property upkeep into a smooth, well-oiled machine. AI-enabled maintenance platforms can predict potential issues before they become significant problems. It analyzes patterns and trends from various data sources, such as HVAC systems, plumbing networks and electrical systems. Then, it can forecast when and where faults might occur, allowing for timely repairs and replacements. These AI-enhanced maintenance platforms can prevent unexpected breakdowns and costly emergency service calls and extend the property’s lifespan. It also improves tenant satisfaction by minimizing disruptions caused by maintenance work and making the process quick and efficient.
In conclusion, AI has ushered in a new era of leasing that is more customer-focused, efficient and secure than ever before. Its ability to enhance customer experiences, optimize decision making and streamline the leasing process makes it an invaluable tool for property management companies aiming to stay competitive in today’s market, and as our industry continues to embrace AI, I believe we’ll start to see even more possibilities and innovations on the horizon.
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